The advent of the Internet of Things (IoT) has brought about staggering new revenue opportunities. Capitalizing on these opportunities is vital to staying ahead of your competition and expanding your business in the future. Companies that have the means to quickly and easily put together products and offers that leverage opportunities brought about by the IoT are going to find themselves far ahead of the curve and seizing entirely new market segments. Conversely, those that don’t have this capability risk being left behind as disruption occurs and their competition blows right past them.
By 2020, it’s estimated that there will be 50 billion connected devices, and the whole of the IoT market (when combined with big data) will reach over $14 trillion in annual sales. Additionally, the IoT is opening up opportunities for amazing market expansion. Here are just a few industries where it’s having a major impact:
Smart Homes – By 2019, 70% of consumers plan on having at least one smart home device, and this market is expected to reach $490 billion in revenue.
Healthcare – By 2025, IoT-related healthcare revenue will exceed $2.5 trillion. Healthcare is expected to have the fastest increase in IoT adoption over the next five years.
Automotive – Approximately 25% of car buyers already feel that internet connectivity is more important than engine power or fuel efficiency.
As you can see from this small sampling, the IoT is not only creating new products and markets, but is transforming existing markets like technology, healthcare, and automotive. Companies in these fields have profited for decades through a series of one-off purchases. For continued success they need to harness the power of the IoT to cultivate strong streams of recurring revenue, which allows them to reach new levels of profitability that were unattainable just a few years ago.
With this much at stake, can you afford to not explore these options? What’s more, do you know what you need to be successful in the IoT world? No matter what your level of understanding is, Aria’s expertise and IoT billing capabilities can help.
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In order to fully cash in on the Internet of Things, you need the agility to experiment with innovative monetization models that might not even exist today. Aria’s unique set of tools empower you to quickly and easily create your own monetization and pricing schemes, which enables you to take advantage of entirely new business strategies.
Additionally, Aria’s Internet of Things billing resources allow you to rapidly test new offers to see what works best, so you can capture the largest part of the market with your new IoT initiatives. You can manage sophisticated monetization strategies, adapt them quickly to pursue new opportunities, and drive growth from existing customers by better understanding their behaviors and values. Don’t let yesterday’s systems derail tomorrow’s opportunities. Grab hold of the future with Aria.
Whether you’re monetizing API calls, MRI machines, car services, security devices, voice services, storage, or access, Aria offers the flexibility to make your IoT-fueled business strategy a reality. Aria’s flexibility and mastery of Internet of Things billing ensures that you can define an offering and manage its monetization in a way that makes sense for your business and your market. This allows you to disrupt your industry, expand your reach, foster recurring revenue, get on top, and stay there.
To maximize recurring revenue that the IoT can bring to your company, the goal should obviously be getting customers to actively and repeatedly purchase your products over time. But what is the best way to make that happen?
The answer is getting to know your customers, and getting to know them exceedingly well. You must be able to anticipate their needs, maximize their satisfaction, and present them with keenly targeted cross-sell and upsell opportunities. This is where usage data enters the game, as understanding how your customers use your products and services presents you with deeper insights into their habits, behaviors, and consumption patterns that you can’t see otherwise.
While many systems only measure usage that is charged for, Aria’s IoT billing capabilities go far beyond this to help improve recurring revenue outcomes across the board. The old adage is true—knowledge is power—and with Aria, the knowledge you get about your customers helps you to tailor offers more specifically honed to their individual needs, tastes, and habits.